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The effect of college debt on the future life choices of students


Mckennarichards 1 / -  
Oct 13, 2021   #1
(there is a lot wrong with it, I'm not great at writing but need help)

How Student Loan Debt impact their life



College is supposed to be the best time of your life. This time in your life is where you meet new people, find what your patinate about, and make a name for yourself. But sometimes it's not all what it is meant to be. Most students go through college, class after class hoping to get the degree of their choice and make millions or around that. But with the collage dream there is an elephant in the room, which is student debt. Student debt is one of the biggest problems students have in life now. Student debt can bring a mass amount of stress to the life of a student and a spiraling out of control after college life. You may think to yourself that, "oh student debt can't be that bad, just pay it off and live your life". But it's not that easy when you're working a small job and need food on the table. Moreover, let's get into it, about how student debt can affect the future life choice of students.

One of the biggest question the internet receive about student debt is why. Why do students struggle with student debt, one of the main reason is college is a very expensive indevers. When deciding to go to college most people don't have the opportunity to pick exactly where they want to go on the fact of the price tag that follows you when attending. For example, if you are wanting to become a doctor, the amin schools you are looking at are New York University, Duke University, Columbia University and Sandford University. Reason being for these schools are how they are ranked number 1 with the best education to get you into the best program for after you reactive your diploma. With the top ranked school that will give you the best education for your trade comes a lot to pay. For example, New York University has the going rate after aid has the average of $45,000, which to put in perspective is the about price of a 2020 Tesla Model 3. Future more the reasoning behind why students have so much struggle with student loans is because of the price of a school for education.

Moreover, there are plenty more reasons on why students have so much struggle with student debt. Like how we talked about the price of schools most every student can't come out of high school and afford college right from their pocket. Meaning therefore we have student debt. Students fresh out of high school have the thought of college from freshman year, wanting it all and most can't even hold in the excitement of college. But right out of high school most students don't have the average $45,000 just laying around and neither do their parents. Meaning this why students have the option to pull student loans out. Like student loans there are many other ways to help pay for college but if you are going into a trade like being a doctor you will need to pull out loans.

Furthermore, another reason why students struggle with loans is because out of college they can't find a job right away they will help enough to pay off the debt that was accumulated over the years. With that most college students come out of schooling thinking that they are going to be able to jump right into their trade and pay everything off which isn't always the case. Most people must start from the bottom and make their way up to the pay they deserve from there degree. Moreover, with all the reasoning of why students have the struggles they have with student's loan debt, we move along to how different finical classes can be affected from student loan debt.

There are three different branches of the financial classes, which are lower class, middle and upper class. With these branches most people know about ill briefly explain what they are. The lower class in the class with the lower's economic status, wealth, and paper. The middle class is the class including the professional and business workers and their families. And last is the upper class which is economic group is the greatest wealth and power in society. With the explanation of the finical classes lets go over how each one may or may not be affected by student loans.

First off, the lower class, the lower class in one that doesn't hold much wealthy in the economy but hard-working people. In this class so many may dream of college but may never have the chance to attend on the fact of they need to keep working to provide simple pressure and food on the table for their families.

Second is the middle class, from my knowledge most middle-class students have more of a decision on if they will attend college or not. In this class this is where most of the loans are pulled out for college and where the debt of loans comes in. middle class students can pull out a loan but mostly doesn't have amount of money to pay college in full. As most middle-class students do attend college still like the lower class some don't on the fact of, they would rather avoid debt by not going to college then accept debt and have to pay off the loans I the future time.

Lastly the upper class, now with the definition of the upper class I'm sure you assumed that all is well, and they attend whatever schools they like with no debt. But some students don't have the luxury of their parents' money and even though they rank in the upper class they still may have to pull out a loan due to dome students family wanting them to attend higher up colleges. With the upper class they can pay out of pocket most times for college but just like we went over not all the time. In the end most students due end up pulling out a loan causing student debt no matter the finical class they are in.

After learning about the struggle students have with loans and the finical classes, let's go over some popular questions and statics about student loans debt. One of the popular questions I have found is, what is the average amount of students in the US facing student debt? In the US there are thousands of students and more than half of them are in debt from loans. so the average amount of students facing student loan debt is about 44 million Americans. If you think about that is a lot of people in the US today, we have a growing number of 333,507,533 people in the US. Another question that is asked is how likely is the average student able to pay off student debt 1 year out of college? This answer is nice and short, meaning its impossible unless you own under 1,000 of student debt loans. The website credible.com has a list of how long it takes to pay off student debt and the lowest is if you owe less than $7,500 it will take you about 10 years to pay it back. Which in my opinion is crazy that something below $7,500 can take someone 10 years to pay off, but ass we will discuss further on students have other obligations and can't always pay of student debt loans right out of college. Moreover, another and final questions that is asked is what is the average amount of student debt in the US? The average amount of student debt in the US in 44 million Americans hold over 1.6 trillion in debt to date. Now that is extraordinary number but if you put it in perspective loans can be as high or even higher than $30,000 which by the way will take you about 30 years to pay off. But more over you might think that 1.6 trillion is a massive number which don't get me wrong it's a huge number but if 44 million people have the accumulation of 1.6 trillion that means the average student has about $36,000 in debt. Furthermore, there are many more questions and statics but those few are just the once I found that were most popular among the student wanting to know more.

Moving on there in the college life that are many ways that student debt can affect a student's life after college. Let's begin by one of the major ways their life can be affect which is the credit score. When taking out a loan a student's credit score and be damaged by a lot. Even if you were to take out a regular loan on anything else the credit score will be affected because of the debt of not paying in back right away. So, with that lets talk about the affect when the student loan debt affects the credit score. The ways are if you are wanting to buy a house the bank will look at your score and if it is low there may be a slim chance of getting your own house right out of college. Most students must move back home with their family to save up some money to gain some traction on their credit score I homes of one day hopefully being able to buy a house of their own. Other smaller reason that the credit score can affect you in buying a car, just the same as the house a car is another thing that would eb hard to get a loan for because of your credit score being damaged by student debt. Both these things can be a harsh reality but it's what comes with the wight of student loan debts.

Moving forward another way that students are affected by loans in the life after college is the simple task of not being able to put food on the table or pay small house bills. The reasoning behind this the fact that students put so much into paying of the student loan that they can barely bring food to their table for a meal, or even finding it hard to pay the water bill. Doing these things, you may not think twice about they might just come as habit now to buy the buddle of groceries at the end of the week or so and at the end of the moth pay that bill but for most of the 44 million Americans in debt that isn't a luxury they have or can afford. Most students have to go on meal plans by the government because they ow so much in debt. the reasoning behind this is after college students can seem to find a decent job that will help pay for those things while also paying of the debt they have. Moreover, this roles into another good pint about how student after college can't find a job that will bring enough money to your account to take for daily things. Right out of college most students find it hard to jump right into their trade or chose profession because of the fact the world is harsh. Right out college most student go back to minimum wage jobs because they can't find a job that suits their degree in the way they want forcing them to give up small luxury's.

Going forward let's talk about the ways to limit student loans. There are few ways to help you limit the debt that comes with student loans. One of the main ways is, you can start by building a reliable budget to keep you on track with student loans. one may ask how to do this which some ways are, using your school advisor. Advisors can help plan out your schedules or plan for your degree and with that will be able to help you see what payments are needed and how to stay on track. Another way is doing your own research on what degree might fit you best with the budget you have. You can get creative with your degree, meaning that maybe instead of a brad plan research your specified field and narrow your degree plan down, so for this you can plan exactly accordingly to your budget. And lastly but not finally, passing your classes, in college you go through a lot of changes but if you are on a tight budget, it is wise to keep yourself accountable and hold to your classes, each class not passed is money out the door.

After you found your budget and plan of how you are going to stay on track let's talk about if there is a shortage or need of help with student loans like forgiveness plans. The definition of student loan forgiveness is, "To the release of having to repay part or all of a federal student loan." (Segal, 2021) meaning that student loan forgiveness is supposed to help you reduce your amount that you must pay back on the loan. Now there are many ways to qualify for student loan debt forgiveness and many places to go to be able to receive it. The fact is though if you don't have those special requirements then our more than likely not receiving anything to help you pay off your debt. moreover, lets go over some of the qualifications you may need to receive loan forgiveness. One of the ways is if you have a total and permeant disability, which can mean you cannot work to even pay off your debt yourself. Another way is, if you are a teacher, most teachers not all but most are qualifying for student loan forgiveness. Going forward if you work in public service like, emergency services, public health government organization or nonprofit, you may also qualify for a portion of your loan to be forgiven. These are just some of the many qualifications. In the future there is said to have plans of giving more to the people about student loan forgiveness but as of right now most people are struggling even qualifying and having to pay of their loan's month my month with no help. This is putting a big strain on students, meaning they feel they can do as much as they wanted in life with a college education because of the stigma that student loan debt has over most students now.

After you go through the process of student loan forgiveness you may be finding yourself n a place of hopelessness and wondering how you will ever pay everything back. And this is where I ask the question do you think there should be more way to help pay of loans or is the loan debt the students fault. I believe that there should be more helpful ways to pay loans off that are refiring to education. When it comes to someone's education, I believe everyone should have the chance to go college but with the debt they don't. so I think that there should be something put into place that more ways to give forgiveness for debt. Because not all the time the student debt can be helps. A student has a lot of pressure on them to get through school as easy as possible. But as I know very well things don't always go as plan. Ever since I got out of high school, I have struggled with college classes, I still stive every day to because the college student I want to be so I can one day have a degree of my own. But If I didn't have the help I have now I would be in debt thousands of dollars already. On the soul fact that I've taken many classes, changed my degree 3 times and still don't know if I want to stick with the one I have now. Being is college bring up a lot and its not always easy sailing. Some students go into college with s et degree and stick with it but some discover more about themselves and want to change their path. With that I believe that for people like me with a big college experience there should be a way that I can reactive forgiveness of few debt charges, on the soul fact that I just don't know what I want to pursue.

Furthermore, we come to the harsh question of are student debt loans the end of the world. In short terms I believe there are not. Student loans can be the biggest burden a student will have in their future. But I don't believe that this should mean that they don't purse their dream to get that education at the school they want. I think that is someone can afford much then find a school in your budget that makes you happy stick to you plan and get the education you deserve. Everything ends up working out ad having that degree and ability to one day get that dream job that you want is more prideful then not attempting at all. Moreover, student debt can affect the future life choice of students in many drastic ways but its defiantly not the end of the world.
Holt  Educational Consultant - / 11,700 3784  
Oct 13, 2021   #2
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